Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a 6-month target price of 45.57 CNY, based on a 35 times PE for 2024 [3][16]. Core Insights - The company has a strong competitive advantage and is expanding in the AI server and data center sectors. It has established significant partnerships with leading manufacturers in various industries, including electric vehicles and AI servers, which are expected to drive future growth [2][14][25]. - The company reported a revenue of 1.48 billion CNY in 2023, a decrease of 18.46% year-on-year, with a net profit of 323.1 million CNY, down 25.75% year-on-year. However, Q4 2023 showed signs of recovery with a revenue increase of 7.51% and a net profit increase of 61.19% compared to the previous quarter [13][25]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are 1.91 billion CNY, 2.32 billion CNY, and 2.83 billion CNY, respectively. Corresponding net profits are expected to be 396 million CNY, 514 million CNY, and 642 million CNY [3][19]. - The company’s earnings per share (EPS) are projected to be 1.30 CNY in 2024, 1.72 CNY in 2025, and 2.15 CNY in 2026 [19]. Market Performance - The company's stock price has shown significant volatility, with a decline of 53% from March 2023 to March 2024, compared to the Shanghai Composite Index [4][25]. - The total market capitalization is approximately 11.45 billion CNY, with a circulating market capitalization of 11.41 billion CNY [16]. Growth Strategy - The company is focusing on optimizing its product structure and expanding into new markets, including electric vehicles, AI servers, and other emerging applications. This strategy aims to enhance its market share and drive future revenue growth [14][25].

Financial Performance - The company achieved operating revenue of 147,656.14 million yuan, a decrease of 18.46% compared to the same period last year [34]. - Main business revenue was 147,083.92 million yuan, down 18.51% year-on-year [34]. - Net profit attributable to shareholders was 32,311.63 million yuan, a decline of 25.75% year-on-year [34]. - The decline in performance was primarily due to a continued downturn in the downstream application market since Q4 2022, influenced by weakened demand, increased capacity release from domestic foundries, and intensified competition in the power semiconductor industry [34]. - The company's operating revenue for 2023 was ¥1,476,561,366.82, a decrease of 18.46% compared to ¥1,810,946,756.88 in 2022 [41]. - The net profit attributable to shareholders for 2023 was ¥323,116,344.25, down 25.75% from ¥435,180,979.82 in 2022 [41]. - Basic earnings per share for 2023 decreased by 25.66% to CNY 1.13 compared to CNY 1.52 in 2022 [69]. - The weighted average return on equity dropped to 9.25% in 2023, down 9.52 percentage points from 18.77% in 2022 [70]. - The net cash flow from operating activities increased by 73.97% to ¥475,469,445.87 in 2023, compared to ¥273,308,464.57 in 2022 [41]. - The net assets attributable to shareholders increased by 8.32% to ¥3,642,558,105.24 at the end of 2023, compared to ¥3,362,694,574.64 at the end of 2022 [41]. Product Development and Innovation - The fifth-generation P-channel 20V~40V product platform has been developed, achieving a 31% reduction in Rsp compared to the previous generation, with full-scale production ongoing [20]. - The seventh-generation N-channel 12V~20V product platform is under engineering development, currently undergoing finished product testing and reliability assessment [20]. - The IGBT parallel SiC diode products have passed customer validation and are now in mass production [23]. - The third-generation SGT MOS products for N-channel 60V, 85V, and 100V have completed engineering validation, with the 100V product showing a 20% lower Rsp and a 15% reduction in gate charge (Qg) compared to the best competitors [24]. - The company is developing IGBT chips based on 650V and 1000V product platforms, with several IGBT module products for photovoltaic storage and inverters expected to complete development in the first half of 2024 [26]. - The company has developed two new products: 650V/190mohm E-Mode GaN HEMT and 650V 460mohm D-Mode GaN HEMT, both achieving leading domestic electrical performance metrics [50]. - The fourth-generation 800V deep trench SJ MOS platform has achieved design expectations, with a 35% reduction in Rsp compared to the third generation, and is currently undergoing yield improvement and customer application testing [49]. - The company has developed 140 products that have passed AEC-Q101 automotive reliability certification, with nearly 90 Tier 1 manufacturers receiving bulk deliveries [91]. - The company has completed the development of multiple IGBT chip products based on 650V and 1200V platforms, with the first product for 110KW photovoltaic inverters (450A/650V) undergoing customer testing [144]. - The company has launched 6 new products in 2023 under its high-side driver and motor driver product lines, targeting applications in heavy trucks and smart homes [145]. Market Trends and Strategic Focus - The global investment in data center construction is projected to grow at a compound annual growth rate (CAGR) of 8.6% from 2022 to 2026, driven by advancements in 5G, cloud computing, and artificial intelligence [30]. - The company is actively responding to market changes by optimizing product, market, and customer structures, focusing on sales to the new energy vehicle and charging pile sectors [34]. - The company is committed to enhancing its product structure and expanding its market presence in high-demand sectors such as electric vehicles [34]. - The report highlights the critical role of power semiconductors in achieving the goals of Industry 4.0, particularly in automation and efficiency improvements [34]. - The company is focusing on expanding its market presence in the electric vehicle and charging pile sectors, as well as in AI servers and data centers [59]. - The company plans to enhance its market presence in emerging fields such as new energy vehicles, photovoltaic storage, AI servers, and data centers, expecting a recovery in photovoltaic demand in 2024 [108]. - The global power semiconductor market reached $50.3 billion in 2023, with projections to grow to $59.6 billion by 2027, where power ICs will account for 54.8% of the market [131]. - The global IGBT market size was $9 billion in 2023, expected to reach $12.1 billion by 2026, with China being the largest consumer market at $3.2 billion in 2023 [132]. - The global AI server market size was $21.1 billion in 2023, projected to grow to $34.7 billion by 2026, reflecting a 5-year CAGR of 17.3% [136]. - The company is actively exploring new downstream application areas and strengthening strategic cooperation with key customers to increase market share [105]. Research and Development - R&D investment for 2023 was CNY 87.31 million, accounting for 5.91% of total revenue, with 600 new products launched [86]. - The company is focusing on R&D investments, expanding its team, and attracting high-education talent to enhance development in new energy storage, automotive electronics, and AI servers [140]. - The company has established a complete independent R&D system and has been certified with ISO9001 quality management system [120]. - The company has implemented a rigorous quality control system and has been certified under ISO9001:2015 and IATF16949 quality management systems [199]. - The company has a strong focus on R&D, with CNY 87.31 million spent on research and development, a decrease of 13.30% from the previous year [176]. Corporate Governance and Investor Relations - The company aims to enhance its governance and investor relations, ensuring timely and accurate information disclosure to build a positive capital market image [148]. - The company is actively pursuing external expansion opportunities, focusing on strategic investments in emerging industries with growth potential [123]. - The company has established partnerships for investment in Wuxi Jinyuan Semiconductor Technology Co., Ltd. and Suzhou Matrix Optoelectronics Co., Ltd., aimed at promoting business synergies and new technology development [149]. Production and Supply Chain - The company has established a strong supply chain with leading domestic and international foundries, ensuring product quality and reliability [199]. - The company has built advanced packaging and testing lines through its subsidiary, achieving partial in-house packaging and testing of chips [196]. - The company is upgrading its production line to meet automotive-grade requirements, with a planned capacity of 60,000 modules per month once fully operational [119]. - The company has successfully developed and mass-produced MOSFET products based on a 12-inch chip process platform, enhancing its product offerings [196]. Market Position and Competitive Landscape - The company is a leader in the domestic market for power semiconductor devices, ranking 5th in the domestic MOSFET market sales in 2021, including international competitors [164]. - The company aims to become the largest domestic brand in terms of power device shipments in the automotive market, with rapid growth expected in sales scale and market share [85]. - The company has over 3,000 product models covering voltage ranges from 12V to 1700V, focusing on sectors such as new energy vehicles, AI servers, and 5G communications [162]. - The company has over 3,000 differentiated product models, enabling it to meet diverse customer needs across various downstream markets [198]. - The company is the largest semiconductor power device design company in China in terms of wafer production volume on 8-inch and 12-inch process platforms for IGBT and MOSFET chips [200]. - The company holds 196 patents, including 86 invention patents, positioning it among the top in the domestic semiconductor power device industry [165].

证 券 研 究 报 告 ——4Q23 营收和利润环比双升，开拓汽车及 AI 市场 | --- | --- | |---------------------------------|-------------------------------| | | | | 基础数据 : | 2023 年 12 月 31 日 | | | | | 每股净资产（元） | 12.22 | | 资产负债率 % | 14.03 | | 总股本/ 流通 A 股（百万） | 298/297 | | 流通 B 股/H 股（百万） | -/- | 相关研究 杨海晏 A0230518070003 yanghy@swsresearch.com 研究支持 袁航 A0230521100002 yuanhang@swsresearch.com 李天奇 A0230522080001 litq@swsresearch.com 金凌 A0230122070003 jinling@swsresearch.com 杨紫璇 A0230122060004 yangzx@swsresearch.com 联系人 杨海晏 (8621)23297818× yanghy@s ...

关于无锡新洁能股份有限公司 2023 年度 募集资金存放与使用情况的鉴证报告 天衡专字(2024)00413 号 天衡会计师事务所(特殊普通合伙) 您可使用手机"扫一扫"或进入 此码用于证明该审计报告是否由具有执业许可的会计师 您可使用手机"扫一扫"或进入 注册会计师行业统一监管平台（http://acc.mof.gov.cn） 关于无锡新洁能股份有限公司 2023 年度 募集资金存放与使用情况的鉴证报告 天衡专字(2024)00413 号 无锡新洁能股份有限公司全体股东: 我们接受委托,对后附的无锡新洁能股份有限公司(以下简称"新洁能公司")截至 2023 年 12月 31 日止的《募集资金年度存放与使用情况的专项报告》进行了鉴证工作。 一、对报告使用者和使用目的的限定 本鉴证报告仅供新洁能公司年度报告披露时使用,不得用作任何其他目的。我们同意将 本鉴证报告作为新洁能公司年度报告的必备文件，随同其他文件一起报送并对外披露。 二、公司的责任 新洁能公司的责任是提供真实、合法、完整的相关资料,按照《上海证券交易所上市公 司自律监管指引第 1 号 -- 规范运作》及相关格式指引编制《募集资金年度存放与使用情况 的 ...

无锡新洁能股份有限公司 2023 年度内部控制审计报告 天衡专字(2024)00417 号 天衡会计师事务所（特殊普通合伙） 您可使用手机"扫一扫" r and the state 内部控制审计报告 四、财务报告内部控制审计意见 我们认为,新洁能公司于 2023年 12 月 31 日按照《企业内部控制基本规范》和相关规 定在所有重大方面保持了有效的财务报告内部控制。 一、企业对内部控制的责任 天衡专字(2024)00417 号 按照《企业内部控制基本规范》 、《企业内部控制应用指引》 、《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制,并评价其有效性是新洁能公司董事会的责任。 无锡新洁能股份有限公司全体股东: 二、注册会计师的责任 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计了无 锡新洁能股份有限公司（以下简称新洁能公司）2023年 12 月 31 目财务报告内部控制的 有效性。 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计意见, 并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止 ...

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、监事会会议召开情况 证券代码：605111 证券简称：新洁能 公告编号：2024-008 无锡新洁能股份有限公司 第四届监事会第十三次会议决议公告 表决结果：赞成票 3 票，反对票 0 票，弃权票 0 票。 本议案尚需提交股东大会审议。 3、审议通过《关于 2023 年度利润分配预案的议案》 1 无锡新洁能股份有限公司（以下简称"公司"或"新洁能"）第四届监事会第 十三次会议通知于 2024 年 3 月 16 日以邮件方式发出，会议于 2024 年 3 月 27 日 以通讯方式召开。会议由监事会主席陈玲莉主持，应参加会议监事 3 人，实际参 加会议监事 3 人。本次监事会的召集、召开程序符合《中华人民共和国公司法》 和《无锡新洁能股份有限公司章程》的有关规定，会议形成的决议合法有效。 二、监事会会议审议情况 1、审议通过《公司 2023 年度监事会工作报告的议案》 2023 年度，公司监事会依据职责对董事会审议议案程序及公司财务情况等 进行了监督，对公司 2023 年度工作发 ...

本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 一、 召开会议的基本情况 证券代码：605111 证券简称：新洁能 公告编号：2024-016 无锡新洁能股份有限公司 关于召开 2023 年度股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股东大会召开日期：2024年4月17日 (一) 股东大会类型和届次 2023 年度股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票 相结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 4 月 17 日 10 点 00 分 召开地点：江苏省无锡市新吴区电腾路 6 号新洁能公司会议室 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 4 月 17 日 至 2024 年 4 月 17 日 1、 各议案已披露的时间和披露媒体 采用上海证券交易所网络投票系统，通过交易系统投票平 ...

公司代码：605111 公司简称：新洁能 无锡新洁能股份有限公司 2023 年度内部控制评价报告 无锡新洁能股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下 简称企业内部控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法， 在内部控制日常监督和专项监督的基础上，我们对公司2023年12月31日（内部控制评价报 告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性， 并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制 进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及董事、 监事、高级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对 报告内容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息 真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性， 故仅能为实现上述目标提供合理保证。此外，由于情况的变化可能导致 ...

无锡新洁能股份有限公司 2023 年度审计委员会履职情况报告 各位董事： 根据《上市公司治理准则》《上海证券交易所股票上市规则》以及《公司章 程》、公司《审计委员会工作细则》的有关规定，作为无锡新洁能股份有限公司 （以下简称"公司"）现任审计委员会成员，现将审计委员会 2023 年度履职情况 报告如下： 一、审计委员会基本情况 公司于 2022 年 4 月 11 日召开第四届董事会第一次会议，审议通过了《关于 选举公司第四届董事会专门委员会委员的议案》，审计委员会成员由 3 名董事组 成，其中独立董事 2 名，非独立董事一名，分别为朱和平先生、朱袁正先生、窦 晓波先生，主任委员由具备会计专业背景的独立董事朱和平先生担任。 因窦晓波先生独立董事任期届满辞职，公司于 2023 年 10 月 26 日和 2023 年 11 月 13 日分别召开第四届董事会第十二次会议和 2023 年第二次临时股东大 会，审议通过了《关于选举公司第四届董事会专门委员会委员的议案》，同意选 举王英女士担任公司董事会审计委员会委员，任期自股东大会审议通过之日起至 第四届董事会届满时止。 截至目前，公司审计委员会成员由 3 名成员组成，其 ...

证券代码：605111 证券简称：新洁能 公告编号：2024-007 无锡新洁能股份有限公司 第四届董事会第十五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 无锡新洁能股份有限公司（以下简称"公司"或"新洁能"）第四届董事会第 十五次会议通知于 2024 年 3 月 16 日以邮件的方式发出，会议于 2024 年 3 月 27 日以通讯方式召开。会议由董事长朱袁正主持，应参加会议董事 9 人，实际参加 会议董事 9 人。本次董事会的召集、召开程序符合《中华人民共和国公司法》和 《无锡新洁能股份有限公司章程》的有关规定，会议形成的决议合法有效。 二、董事会会议审议情况 经全体董事认真审阅，以书面记名方式对议案进行了表决，一致通过如下议 案： 1、审议通过《关于 2023 年度董事会工作报告的议案》 表决结果：赞成票 9 票，反对票 0 票，弃权票 0 票。 本议案尚需提交股东大会审议。 2、审议通过《关于 2023 年度总经理工作报告的议案》； 表决结果：赞成票 9 票，反对票 0 票， ...